Brussels, 09/03/2012 (Agence Europe) - In order to avoid a fine from the European Court of Justice, to which the European Commission referred Italy in November 2011 (see EUROPE 10502), the Italian government introduced a new golden share law on Friday 9 March to alter legislation in force since the 1990s. The golden share law was challenged by the Commission in 2009. It gives the Italian state a golden share whereby it can intervene and veto decisions in various strategic, formerly public, companies like energy companies ENI and ENEL, Telecom Italia and aeronautical and defence company Finmeccanica. It gives Italy the right to oppose the sale of shares or signing of deals among shareholders of a certain size (5% of the vote) and decisions by the companies in question to split or merge. The new law restricts the golden share right and the state's vetoing powers to acquisitions by non-EU companies in order to meet the Commission's rules. The Commission says that the Italian state's golden share made investment in the companies less attractive and could therefore discourage potential investors from other member states. (FG/transl.fl)